Investor-State Arbitration

Experience

    • A sovereign state in an arbitration brought under the Energy Charter Treaty and the UNCITRAL Rules relating to an alleged expropriation.
    • Claimant Tethyan Copper Company (jointly owned by Barrick Gold and Antofagasta Minerals) in an ICSID arbitration against the Islamic Republic of Pakistan and an ICC arbitration against the Pakistani province of Balochistan in disputes regarding a copper and gold mining project in the west of Pakistan.
    • Claimant Tethyan Copper Company (jointly owned by Barrick Gold and Antofagasta Minerals) in an ICC arbitration against the Pakistani province of Balochistan in disputes regarding a copper and gold mining project in the west of Pakistan.
    • Occidental Petroleum Company and Occidental Exploration and Production Company (“Occidental”) in an ICSID arbitration, winning one of the largest ever BIT awards, $1.1 billion ($1.4 billion including interest). The filing of the claim was made two days after Ecuador terminated all of Occidental’s exploration and production rights and seized all of its assets in the country. Ecuador and Occidental have arranged for payment of this award.
    • Perenco Ecuador on novel jurisdictional and merits issues in an ICSID arbitration arising out of the Republic of Ecuador’s unilateral increase of its participation to 99% of all revenues from oil sales above a fixed “reference price” and its declaration that Perenco’s contracts had come to an end. In September 2014, the ICSID tribunal ruled that Ecuador breached its contracts with Perenco and violated its obligations under the applicable bilateral investment treaty to provide fair and equitable treatment, not to impede the investment, and against unlawful expropriation.
    • Occidental Petroleum Corporation in winning over $130 million in damages in a BIT arbitration resulting from Ecuador’s failure to refund VAT payments to Occidental.
    • Mobile TeleSystems in its investor-state arbitration against Uzbekistan brought under the Additional Facility of the International Centre for the Settlement of Investment Disputes (ICSID), including successfully defending an Article 45(6) application.
    • ExxonMobil and Murphy Oil in a NAFTA claim against the Government of Canada arising from requirements imposed by the Province of Newfoundland and Labrador. The Tribunal handed down its Decision on Liability and on Principles of Quantum ruling in favor of our clients that Newfoundland’s regulations violated NAFTA.
    • Holcim and its subsidiaries, Holderfin B.V. and Caricement B.V., against Venezuela in proceedings before ICSID under the Switzerland-Venezuela BIT and the Netherlands-Venezuela BIT, asserting claims that Venezuela’s nationalization of Holcim Venezuela constituted unlawful expropriation and discrimination. After Holcim filed its statement of claim, the parties agreed on a settlement providing for compensation of $650 million.
    • Autopista Concesionada de Venezuela, C.A. (“Aucoven”) in an ICSID arbitration against the Republic of Venezuela, where the tribunal issued a final award finding liability and damages against Venezuela involving claims arising from the breach of a concession agreement for a toll road in Venezuela.
    • First Eagle, a U.S. financial institution, on its claim against the Bank for International Settlements, in a dispute governed by public international law before a five-member tribunal constituted pursuant to the 1930 Hague Conventions. A final award was received in favor all the private shareholders for approximately U.S. $500 million.
    • A Canadian mining group in a dispute with the government of an African country, concerning claims of breach of the tax stabilisation and other provisions of an agreement for the operation of a copper treatment facility, and an expropriation of certain of the mining company’s rights.
    • OEPC, a subsidiary of Occidental Petroleum, in an ICSID proceedings against the Government of Ecuador for wrongful termination of Block 15 Contract in Ecuador.
    • Dresdner Bank, Barclays Capital, Mizuho Corporate Bank and Saudi American Bank in BIT claims based on the Saudi Kingdom's apparent repudiation of obligations to pay over $900 million under Saudi-law assignments.
    • Waterford Partners, LLC in a dispute with Bangladesh arising from claims of expropriation and unlawful treatment of an investment under U.S.-Bangladesh BIT in relation to shares in E-TV.
    • Grupo ICA S.A. de C.V. in claims against the government of Argentina under the Argentina-Mexico BIT relating to the Caracoles hydroelectric project in the Province of San Juan, Argentina.
    • Postova Bank of Slovakia in investment treaty claims against Greece arising from the Greek debt restructuring.
    • British Caribbean Bank Ltd, in successfully defending anti-arbitration injunction proceedings brought by the Government of Belize to avoid arbitration under a BIT in the courts of Belize and the Caribbean Court of Justice (before which Debevoise is believed to have been the first non-Caribbean firm to argue a case).